i've just created a paypal account and i was told i can receive money..from others but i can't spend or send money unless my account is verified meaning i need a bank account..i'm new too this whole thing and i wanted to know how it works.
2006-09-12 15:46:53 · 4 answers · asked by RAY ! 1 in Computers & Internet ➔ Internet
Yes, when you ADD a bank account, you have to verify it. This is a simple proceedure. You probably should add a Credit Card to your PayPal account if you plan on using PayPal to SPEND MONEY. Here's why...
PayPal is not a bank. They simply hold your money and act as a money conduit. When you have a beef with a seller, PayPal often does not support the buyer, and you get SCREWED. But if you use PayPal with your credit card, you can simply contact your credit card to reverse the payment.
Some day, PayPal will GROW UP. In the mean time, don't trust them.
2006-09-12 15:51:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
OK - the reason that paypal is verifying you is for your own protection as well as "you knowing they do it to everyone". This guarantees that you are who you say you are.
It doesn't take long to do. Paypal typically will make a deposit of 2 or 3 cents into your checking account and when you get it - you'll hit a verify button (or something like that). This way - paypal is verifying that your accounts and charge card (whatever) are 'good'. This stops a lot of nonsense.
It takes a good workweek - but then your golden. Just keeps down the scammers.
2006-09-12 15:52:01 · answer #2 · answered by longhats 5 · 0⤊ 0⤋
Hi,
You can receive money into you PayPal account for free.
You can spend the money in your PayPal account at any place that accepts money from PayPal accounts - like eBay.
You can deposit this money into your own personal bank account (current account\savings account\etc) only if you can verify you are the owner of that bank account. This is for security reasons to prevent fraud and theft.
To verify your account
1) You put your bank account details into PayPal
2) Paypal then deposit 2 small amounts of money into your account (like 57p and 18p)
3) When you can see it has reached your personal bank account, you go back into PayPal
4) Type in the amounts PayPal deposited into your personal bank account into PayPal.
5) PayPal have now verified your account :)
You can now deposit any money you have received to that bank account. Phew!
2006-09-12 15:54:19 · answer #3 · answered by nads 4 · 0⤊ 0⤋
Paypal needs a bank account to verify that you are who you say you are. They will send 2 deposits to your bank account and then you go back to Paypal and verify those amounts that they sent. After Paypal verifys what the amounts were that they deposited for you to check, then you can buy and sell thru Paypal.
2006-09-12 15:53:57 · answer #4 · answered by XP4ME 2 · 0⤊ 0⤋